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Last Updated : Dec 04, 2019 03:37 PM IST | Source: Moneycontrol.com

ArcelorMittal seeks immunity from future Essar Steel investigations: Report

The Luxembourg-headquartered steel giant has asked that any future probe into the Ruia family’s dealing should not affect Essar Steel’s assets

ArcelorMittal
ArcelorMittal

ArcelorMittal has sought immunity from any future investigations into Essar Steel and its former promoters, reports The Economic Times.

The Luxembourg-headquartered steel giant has approached Indian officials in the home, finance, law and defence ministries, the report stated. It has asked that any future probe into the Ruia family’s dealing should not affect Essar Steel’s assets.

“It has been a long battle for the Mittals, and this is their way of preventing future troubles after they transfer money to the banks. ArcelorMittal is very clear it doesn’t want any ambiguity around any present or future liabilities,” a source told the publication.

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The company has received a positive reply from several ministers and civil servants, the report said.

Moneycontrol could not independently verify the story.

Also read: Essar Steel insolvency timeline | A saga of many twists and turns in IBC's biggest case

Arcelor Mittal will takeover Essar Steel as a part of the Indian steelmaker’s resolution plan. Essar Steel was taken to the bankruptcy court in 2017.

“Banks are yet to receive the money, but they are hopeful it will come in before December-end, which will help bump up their Q3 earnings,” a source told the paper.

ArcelorMittal wants to avoid a situation similar to the one faced by Bhushan Power and Steel (BSPL) and JSW Steel. The Enforcement Directorate (ED) has attached BPSL’s assets after its proposed takeover by JSW Steel.

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First Published on Dec 4, 2019 03:34 pm
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